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China now is the largest share of World Trade a largest amount of capital flows outside so it competes effectively I want to be clear in making that from my getting to know the leaders and I don't know she but I know that those around them that they are reasonable people and one and there's going to be a change in leadership that we're going to see on Sunday and you're going to in my opinion you're going to bring reasonable people into that there's a culture there's that and then there's but there's a lot of uncertainty and a lot of problems so let me rattle off the uncertainties and the problems that are temporary that could be temporary but they could be longer lasting the first is they have a debt crisis that in my opinion they've allowed to go too far into the bones of the economy so it's affecting local governments it's affecting financial institutions it starts with real estate real estate is 25 of their economy approximately and then the majority of savings so it has a wealth effect it has a negative and it's passing through the system so that's one second is that there's this Quest question of are they still in favor of free enterprise and the market system and what is common prosperity mean and so on quite a lot of confusion regarding that from my uh operating there they uh they don't want to mess with that system very much she doesn't um because when they did some things like shutting down some of the tech companies because they want to break up the Minard the uh these large companies they also did minority uh things anyway so let me go number three covet okay number four is demographics okay demographics is particularly important in China because of the culture in China as well as the one child policy you know for um the family takes care of the family and so the tradition is that the children take care of the adults at in old age they don't have a well-developed pension system and so what happens is with the one child policy a husband and wife has four parents that they have to take care of system can deal with that and so that's a main thing it relates to coping you know they have something like 350 million people over 65.
so if they don't deal with it so we have covet so you have a number of these problems you have a a climate problem and a water problem in China so China's got a lot of those problems to deal with but the real question and we we all can have problems the real question is where is that vegan is that Beacon and we're going to learn more about that based on who's appointed to what jobs and also what statements are they is that Beacon continuing to do the things that raise productivity and inventiveness and so on so we're going to learn more but I think that as far as investing in China China is the um if you take certain industries it's it's you know main competitor but it's neither should know in my opinion not you have to have a look you have to have a certain amount in China I think the longer term picture in China is still bright because I know the people and I know the culture and I think it's good but they have major issues now China now is the largest share of World Trade a largest amount of capital flows outside so it competes effectively I started going to China in 1984 and then the very close intimate understanding of it I've developed close for late relationships I know the policy makers I um since I started going to China it's per capita income has increased by 26 times it's um life expecting the average life expectancy has increased by 10 years it's poverty rate meaning people in hunger has fallen from 88 to less than one percent um and even in bad times it's growing at a faster rate than developed countries we we would like to grow at that rate um and it has a per capita income it has excuse me it has a population which is more than four times the size of the American population and um and it uh if so if it had a per capita income which was uh half the U.S it would be twice the size so there is no doubt that it is a uh competitor a significant competitor that's growing faster and is likely to be in most respects larger so at the at these times when when we look at these five types of wars or conflicts that we have which is a trade War a technology War um a geopolitical influence War a capital war and a military war in those respects and it's roughly comparable it's growing at a faster rate so um it is very likely to be a dominant a excuse me a one of the Great viable competitive powers in the world and probably more so with time um India Stacks up as a a country in which one of the most important uh indicators is the cost of an of an intelligent person a cost of an educated person that's a very good leading indicator and India Stacks up very well in that regard and its levels of indebtedness which is another important indicator um is um uh is is in comparison to other countries uh relatively good um these are two important indicators um the general level of education and and infrastructure and uh um internal uh conflict and and so on are areas of of Greater concern so um and so is the element of the bureaucracy it's a very um it's it it's a country that probably will have the highest growth rate over um the next 10 years we project it to have the highest growth rate of any country over the next 10 years because of the advantages of that those things that I mentioned um and then um to the extent that there is improvements in those which it looks like their improvements underway um then uh India's Outlook looks um looks very good foreign billionaire investor hedge fund manager and philanthropist he is the founder of Bridgewater Associates the world's largest hedge fund which he started in 1975 he has been widely recognized for his Innovative investment strategies which have earned him a reputation as one of the world's greatest investors he is also an advocate of the principles he developed which are a set of unique and practical life and business principles he has an impressive track record of success having founded Bridgewater Associates in 1975.
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